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Kelvarhin
Half-elven
May 14 2008, 3:46am
Post #1 of 4
(864 views)
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Hollywood's MGM appoints finance chief to help build film fund, bolster production
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Can't Post
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Metro-Goldwyn-Mayer Inc. said Tuesday it has hired industry veteran Bedi Singh as its finance chief and head fundraiser for upcoming films, a further sign it is ramping up efforts to produce its own movies.
The studio, taken private for nearly $5 billion (€3.23 billion) in 2005, aims to establish a fund to co-finance its upcoming films, including "The Hobbit." The first installment of that series is scheduled for release in 2011.
Singh, a former Sony Pictures chief financial officer, will lead financing efforts.
"It's no secret that we've been looking for additional film financing for MGM movies," spokesman Jeff Pryor said. "That's going to be a key part of his role."
MGM has been trying to turn around its movie production business since its revived United Artists subsidiary, headed by Tom Cruise and Paula Wagner, flubbed on its first production attempt with "Lions for Lambs" last year. The movie cost $35 million (€22.62 million) to make but has yet to turn a profit.
The studio hired former Universal Pictures production vice-chair Mary Parent in March and then quickly announced it had acquired the film rights to Robert Ludlum's book "The Matarese Circle" and Ben Wexler's comedy screenplay "Bobism."
Since the 2005 leveraged buyout by private equity firms Providence Equity Partners and Texas Pacific Group, Sony Corp. and Comcast Corp., MGM has generated revenue primarily through distribution of independent fare such as The Weinstein Co.'s "Halloween" last year.
It is now aiming to bolster its production lineup, take a greater stake in movie production and reap more of the profits.
United Artists already has a $500 million (€323.14 million) credit line from Merrill Lynch, but MGM is seeking additional financing partners for its movie slate, which includes future "James Bond" and "Pink Panther" sequels.
Thought a few ppl might be interested.
cheers Kelvarhin
There he stood
Proud and solemn
Yet happy and gay
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Patty
Immortal
May 14 2008, 5:17am
Post #2 of 4
(763 views)
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is the first movie coming out in 2010 or 2011?
Hanging out with the Lonely Isle elves.
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Kelvarhin
Half-elven
May 14 2008, 5:20am
Post #3 of 4
(750 views)
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everytime I do a news check the year changes  I suppose we'll find out as it gets closer or maybe gdt will confirm it for us in one of his posts later on.
There he stood
Proud and solemn
Yet happy and gay
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Sunflower
Valinor
May 14 2008, 6:18am
Post #4 of 4
(818 views)
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A lot of the 2010 stories were written before the writer's strike and Tolkien Estate lawsuits threw a monkey wrench into the production time frame. But the waiting is easier, now that we know things are going forward.
As to MGM financing new films....I imagine that having "the Hobbit" with The Lion logo before it, even if only internationally, is generating a lot of excitement from the currently moribund studio. (Cruise's Valyrie is plagued with all kinds of problems and could very well flop.) The overall boxoffice take for TH is expected to be so great, that the studio will make a windfall even after Warners and the theaters take their share. So now they can plan for the future.
Hopefully they use a bit of that money to build a Picturehouse of their own, to replace what was lost.
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